The Government of Ontario recently unveiled a massive push to boost housing supply and make homeownership more affordable. The headline news from this initiative is a substantial expansion of the Harmonized Sales Tax (HST) rebate program. For everyday families looking to transition into
a brand-new home, to first time home owners, this updated policy represents a historic level of tax relief designed to cut closing costs and keep more money in your pocket.
The provincial government’s enhanced housing initiative introduces a temporary, massive reduction in closing costs. Under this program, eligible buyers can see the full 13% Harmonized Sales Tax (HST) completely removed on new construction properties valued up to $1 million. For qualifying properties priced between $1 million and $1.2 million, the savings could be as high as $130,000. This combined federal and provincial relief is designed to dramatically lower the barrier to homeownership, potentially keeping tens of thousands of dollars in your pocket at closing.
Old Price: $850,000.
New Price: $773,452 after HST rebate.
Savings: $76,548
Old Price: $725,000.
New Price: $662,832 after HST rebate.
Savings: $62,168
Old price: $859,900.
New price: $782,212 after HST rebate.
Savings: $77,688
Old price: $799,000.
New price: $728,319 after HST rebate.
Savings: $70,681